Energy inflation fell from 23.8 at an annual rate in November to 18.4 in December. Food prices increased by 15.6 percent at an annual rate in December. Inflation excluding food and energy was 7.2 percent at an annual rate in December.
The rate of inflation slowed in 25 out of 38 OECD countries. Of the G7 countries, which represent the world’s seven largest economies, all but Japan had lower inflation. The biggest decrease was in Germany.
OECD (Organisation for Economic Co-operation and Development) is a cooperation organization which now consists of 38 countries.